Millicom International Cellular SA (MIICF.PK), the international telecommunications and media company, said that the proposed merger of its Tigo operation in Colombia with UNE has been given the last of the authorities' regulatory approvals by the country's Finance Superintendent.
Millicom stated that it will now work with EPM, the owner of UNE, to complete the transaction and prepare a joint shareholder meeting within the next few weeks. Following the meeting, it intends to announce the directors and officers of the merged company.
In October 2013, Millicom and Empresas Públicas de Medellín E.S.P. or 'EPM', the largest public service company in Colombia, signed a final agreement to combine their respective businesses in Colombia.
In July 2013, Millicom and EPM announced that they reached an agreement in principle on the structure and key terms for the combination of their respective mobile, TV, broadband and telephony businesses to create a leading digital lifestyle company in Colombia. The proposed combination was expected to be accretive to Millicom FCF in 2014. Synergies of over $600 million of NPV have been identified.
The proposed transaction implied an enterprise valuation of Tigo Colombia (pre deal) equal to approximately $1.3 billion, and an enterprise valuation of UNE (pre deal and including UNE affiliates) of approximately $2.1 billion.
On February 5, 2013, Millicom and EPM announced that they had entered into exclusive discussions with respect to the potential combination of their mobile, TV, broadband and telephony businesses in Colombia.
Millicom owned 50% and one share of Colombia Móvil S.A. ESP or 'Tigo Colombia'. UNE and Empresa de Telecomunicaciones de Bogotá S.A. or 'ETB' each controled 25% of the company.
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